Banque Pictet & Cie SA increased its holdings in Bank of America Corporation (NYSE:BAC) by 9.1% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 527,593 shares of the financial services provider’s stock after acquiring an additional 44,189 shares during the quarter. Banque Pictet & Cie SA’s holdings in Bank of America Corporation were worth $12,799,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also modified their holdings of BAC. Northwest Investment Counselors LLC bought a new stake in Bank of America Corporation during the 2nd quarter valued at about $100,000. Armbruster Capital Management Inc. increased its stake in Bank of America Corporation by 10.8% during the 1st quarter. Armbruster Capital Management Inc. now owns 4,323 shares of the financial services provider’s stock valued at $102,000 after purchasing an additional 423 shares in the last quarter. Chicago Partners Investment Group LLC increased its stake in Bank of America Corporation by 11.0% during the 2nd quarter. Chicago Partners Investment Group LLC now owns 4,531 shares of the financial services provider’s stock valued at $103,000 after purchasing an additional 450 shares in the last quarter. Tarbox Family Office Inc. increased its stake in Bank of America Corporation by 0.4% during the 2nd quarter. Tarbox Family Office Inc. now owns 4,809 shares of the financial services provider’s stock valued at $117,000 after purchasing an additional 21 shares in the last quarter. Finally, Mitsubishi UFJ Securities Holdings Co. Ltd. increased its stake in Bank of America Corporation by 47.1% during the 2nd quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. now owns 5,780 shares of the financial services provider’s stock valued at $140,000 after purchasing an additional 1,850 shares in the last quarter. Institutional investors own 62.19% of the company’s stock.

Shares of Bank of America Corporation (NYSE BAC) opened at $26.40 on Tuesday. Bank of America Corporation has a 1 year low of $19.40 and a 1 year high of $27.98. The firm has a market cap of $276,515.47, a price-to-earnings ratio of 15.15, a P/E/G ratio of 1.84 and a beta of 1.31. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.91 and a quick ratio of 0.90.

Bank of America Corporation (NYSE:BAC) last announced its quarterly earnings results on Friday, October 13th. The financial services provider reported $0.48 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.02. Bank of America Corporation had a net margin of 20.66% and a return on equity of 8.33%. The company had revenue of $22.08 billion for the quarter, compared to analysts’ expectations of $22.07 billion. During the same quarter in the previous year, the business posted $0.41 earnings per share. Bank of America Corporation’s quarterly revenue was up 2.1% on a year-over-year basis. analysts forecast that Bank of America Corporation will post 1.8 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 1st will be given a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 1.82%. The ex-dividend date is Thursday, November 30th. Bank of America Corporation’s dividend payout ratio is presently 27.43%.

A number of analysts have weighed in on BAC shares. Vetr upgraded shares of Bank of America Corporation from a “buy” rating to a “strong-buy” rating and set a $26.59 price objective for the company in a research note on Wednesday, August 30th. Credit Suisse Group restated an “outperform” rating on shares of Bank of America Corporation in a research note on Tuesday, October 10th. Citigroup Inc. restated a “neutral” rating and set a $27.00 price objective (up from $25.00) on shares of Bank of America Corporation in a research note on Monday, October 9th. Zacks Investment Research lowered shares of Bank of America Corporation from a “hold” rating to a “sell” rating in a research note on Tuesday, October 10th. Finally, Nomura raised their price objective on shares of Bank of America Corporation from $28.00 to $30.00 and gave the company a “buy” rating in a research note on Monday, October 16th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty-four have issued a buy rating and three have given a strong buy rating to the stock. Bank of America Corporation has a consensus rating of “Buy” and an average target price of $25.82.

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Bank of America Corporation Company Profile

Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S.

Institutional Ownership by Quarter for Bank of America Corporation (NYSE:BAC)

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